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Post Info TOPIC: ComfortDelgro
KK


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ComfortDelgro - Q405 Results
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BT, Published February 14, 2006
ComfortDelGro's Q4 profit up 1.2% to $49m

COMFORTDELGRO'S financial results for the fourth quarter ended December was again dependent on two familiar challenges - surging oil prices and stiff competition in the local taxi trade. The land transport company yesterday said fourth-quarter net profit nudged up 1.2 per cent to $49.3 million from a restated $48.7 million despite the continued rise in fuel prices and stronger taxi competition. This was helped by lower taxation expense and cost rationalisation. Q4 revenue rose 10.7 per cent to $623.7 million in the quarter, thanks mainly to contributions from overseas bus operations and higher sales of diesel fuel to taxi drivers.  The same factors were responsible for full-year results at the world's second-largest transport group, which saw net profit rise 1.3 per cent to $201.9 million and revenue grow by 7.4 per cent to a record $2.29 billion.

'The business environment in 2005 has been trying, with high fuel costs and relentless competition,' said managing director and CEO Kua Hong Pak. 'As a group, we have become even more adept at utilising our resources and enhancing our operational efficiencies.' The bus and taxi businesses remained the group's main profit generators.

For the 12 months to December, the bus business rode on higher contributions from its UK and China operations, with turnover rising 12.3 per cent to $1.2 billion and profit up 3.4 per cent to $121 million. Turnover from overseas bus operations was 55 per cent of total bus business.

Listed bus and rail subsidiary SBS Transit posted full-year net profit of $51.5 million, up 5.1 per cent. Revenue rose 3.1 per cent to $590.3 million, with only $5 million of the almost $18 million increase due to the July 1 fare hike. The rest came from new services. But turnover for ComfortDelGro's taxi business in 2005 shrank 4.1 per cent to $636.4 million, while operating profit was down 14.7 per cent to $136.1 million. The group's full-year energy and fuel costs jumped 54.6 per cent to $156.5 million, but diesel sales expanded 40.2 per cent to $165.3 million on a 15.3 per cent increase in volume.

For the full year to Dec 31, earnings per share was 9.79 cents from a restated 9.74 cents for 2004.

A final dividend of 3 cents a share has been proposed and together with the interim dividend of 3.125 cents and a special dividend of 3.875 cent paid earlier, the total dividend for 2005 will be 10 cents per share.

Looking ahead, Mr Kua said 2006 will be a challenging year as oil prices stay high and competition remains 'very keen'. But he expected Singapore bus and rail turnover to improve, and turnover from overseas operations to continue to increase. Last year, 38 per cent of group turnover was derived from overseas (from 35 per cent a year earlier), with 33 per cent of profits coming from overseas operations. Mr Kua said ComfortDelGro continued its expansion in 2005, investing a total of $170.7 million overseas, more than double the previous year's $75.9 million.



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ComfortDelgro - DBSVickers
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Extracts fm DBSVickers Report dated 16-Nov-05,

3Q05 results flat as expected

3Q05 earnings were within expectations. 3Q05 earnings improved just 1.2% yoy to S$49.9m as revenues improved 5.8% to S$574m. Both the taxi and bus operations reported lower contributions due to competition and higher fuel costs respectively. The weaker operating performance was offset by higher investment income and lower taxes. Going forward, we remain cautious on the outlook for CD and expect a modest improvement in FY06. We have raised our FY06 earnings forecast by 5% to reflect a recent bus company acquisition in Shenyang, PRC. We thus upgrade our recommendation to HOLD, with a target price of S$1.53.


  • A weaker operating performance as at 9M05. Operating profits for 9M05 were down 6.1% yoy, led by a decline in contribution from bus operations (-11% yoy), taxi (-11% yoy), automotive engineering (-16) and diesel sales (-62%) The only positive was that losses at the NEL narrowed from an S$4.5m loss vs S$13.6m from a year ago.

  • Looking overseas for growth to offset a tough local environment. Looking forward into FY06, we expect taxi operations in Singapore to stabilize as the local market reaches equilibrium. However, profitability would no longer be as attractive as before. ComfortDelgro has continued to execute on its strategy to grow its overseas revenues and we can expect increasing contribution from the Group’s bus operations due to recent acquisitions in China (Shenyang – 1,218 buses) and in Australia (614 buses). We thus expect the Group’s bus operations to be the main earnings driver in FY06 whilst contribution from other segments remains stable.

  • Upgrade to HOLD, 12-month target price of S$1.53. Our 12-month target price of S$1.53 is based on the average of a) target net yield of 5.5% (assuming a dividend payout ratio of 80%) for FY06F - this gives a target price of S$1.56, and b) applying a market multiple of 14x on FY06 EPS, which derives a target price of S$1.50. A prospective net yield of 5.6% should help support the share price.


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ComfortDelgro - CIMB
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Extracts fm CIMB Report dated 14-Nov-05,

  • Above our expectations but look deeper. 3Q05 posted revenue of S$574m, up 5% yoy. Net profit was S$50m, flat yoy. This was 18% above our estimates and 4% above consensus. However, EBIT was S$75m, down 10% yoy and 5% above our estimates. The better-than-expected net earnings came on the back of lowered taxation and minority interests.

  • Singapore bus operations showed weakness. Turnover was S$128m, up 2% yoy on the back of new services and a fare hike effective 1 Jul 05. However, pretax profit declined 30% yoy due to higher fuel costs, which rose 54% yoy to S$29m. This is 19% of local bus sales, up 6% pts yoy. Rail, however, narrowed its losses before tax to S$2m, a 60% yoy improvement.

  • Group level bus and taxi operations still under pressure. Both operations collectively made up 90% of EBIT. However, the decline in bus performance was mainly due to local operations. Overseas bus turnover grew 17% yoy and EBIT margins stayed constant at 13%. Taxi sales dropped 5% yoy to S$159m. Local taxi operations saw lower rental sales due to an increase in competition.

  • Higher cash benefits to local cabbies not as large an expense as expected. To stem the outflow of cabbies, CD offered cash benefits of up to S$2,200. Having factored this in our assumptions, we now believe that certain terms and conditions actually made it hard for drivers to collect the benefits.

  • Mixed outlook. While we like the stronger overseas contributions, local operations are still under pressure. Oil prices may have retreated below US$60/bbl, but there are no underlying changes in fundamentals to make us believe that volatility is likely to be more muted.

  • Raising estimates due to lower cost assumptions. FY05, FY06 and FY07 estimates have been raised by 9%, 26% and 23% respectively on the back of lower benefit expenses to taxi drivers and lower minority interests.

  • Target price raised to S$1.74 from S$1.64 based on our unchanged DCF basis. With only 12% upside, we maintain our Neutral recommendation.


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ComfortDelgro - CitiGroup
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Extracts fm CitiGroup Report dated 2-Nov-05,


  • Acquired at a cost of S$73.2m, the 100% owned bus franchise will further boost the group’s presence in Shenyang with a commanding 40% market share in the public bus sector in the city. The acquisition should also complement its existing bus business in Shenyang – creating scale and synergies

  • We expect the new acquisition to break even in the first year of operation before contributing more significantly from the second year. Revenues from this acquisition will help the group to achieve its target of 50% of revenues derived from overseas in the next 4 to 6 years. As at 1H 2005, overseas revenues was about 37%

  • We reiterate our Buy Low risk rating on ComfortDelgro, as we believe the group has put in place a series of overseas acquisitions that will drive sustainable growth in the future. The share price is underpinned by an attractive yield of 6.9%

  • We are not changing our forecasts pending the group’s 3Q results to be released on 11 Nov 2005. We forecast a net profit of S$50m for the 3Q


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ComfortDelgro
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BT, October 28, 2005, 6.25 pm (Singapore time)
ComfortDelGro buys second bus firm in Shenyang

COMFORTDELGRO on Friday said it will pay $73.2 million to acquire the operating rights of 50 bus routes, 1,218 buses and other operating assets from Shenyang's largest public bus operator, Shenyang Passenger Transport Group.

The latest bus venture, to be named Shenyang ComfortDelGro Bus Co Ltd, is the land transport giant's second in Shenyang -- the capital of Liaoning province in north-eastern China. The first, Shenyang ComfortDelGro An Yun Bus Company, was set up in 2004. Together, the two companies will operate 1,763 public buses in the city, making ComfortDelGro the largest operator there with a 40 per cent market share. Besides bus services, ComfortDelGro also operates taxi services in the city through CityCab(Shenyang) and Shenyang ComfortDelGro Taxi Co.

In September this year, the Singapore-listed company also announced that it had set up a driving school in Chengdu, the capital of Sichuan province. The school, ComfortDelGro's first outside Singapore, is a $4.8 million joint venture with Chengdu Qing Yang Driving School Co, the Chinese city's largest driving school.



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BT, Published October 25, 2005

Capital Group raises stake in ComfortDelGro

US MUTUAL fund manager The Capital Group of Companies has had its deemed interest in land transport group ComfortDelGro raised from 5.98 per cent to 6.09 per cent, after 2.5 million shares were bought from the open market at undisclosed prices in a series of transactions from Aug 29 till last Wednesday.

The Capital Group now owns 125.974 million shares, up from 123.469 million before the transaction. ComfortDelGro's shares remained unchanged at $1.44 yesterday. The group unveiled a joint venture recently to buy the businesses and assets of Australia's Westbus Group for A$106.7 million.



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SINGAPORE (XFN-ASIA) - Land transport operator ComfortDelgro said it has tripled the capital of its Vietnam unit Vietnam Tax Co Ltd (Vinataxi), a joint venture with Transportation and Communication Development Corp Ltd (TRACODI), to 3 mln usd to expand the joint venture company's taxi fleet.

ComfortDelgro owns 70 pct of Vinataxi through ComfortDelGro (SE Asia) Pte Ltd, while TRACODI owns the remaining 30 pct in the joint venture company.

"The increase of the paid up legal capital in Vinataxi was financed through a combination of capitalization of existing shareholders' loans and injection of cash from ComfortDelGro (SE Asia) and TRACODI," it said

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SINGAPORE (XFN-ASIA) - Land transport operator ComfortDelgro Corp Ltd rose after it said that it has completed the acquisition of the businesses and assets of the Westbus Group, the dominant bus operator in western Sydney, dealers said.

ComfortDelgro rose 0.01 sgd, or 0.67 pct to 1.51 with 619,000 shares traded.

Westbus Group operates a fleet of 614 buses based in western Sydney and the Hunter Valley. The group also operates coach services in London under Westbus International Luxury Coach Travel.

In August, ComfortDelgro announced that it and Cabcharge Australia Ltd had agreed to buy Westbus Group for 106.7 mln aud.

The acquisition was carried out by joint venture company ComfortDelgro Cabcharge Pty Ltd, 51-owned pct by ComfortDelgro and 49 pct-owned by Cabcharge.



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